智通财经APP获悉，麦格理发布研报称，将裕元集团(00551)评级由“跑赢大市”下调至“跑输大市”，目标价由20.9港元下调至10.2港元，将裕元2025及2026财年的净利润预测分别下调30%及31%。
麦格理指出，由于工厂订单分配不均，加上新工厂稀释利润，裕元集团利润表现受较高的加班费用及外包比例增加所压制。该行相信，这是因为品牌商由于对需求能见度的谨慎态度及潜在关税风险，更加依赖急单。这也反映在2025财年第三季和第四季的订单能见度逐季恶化。该行将裕元2025财年的代工生产(OEM)毛利率预测下调1.7个百分点，预计将同比减少1.9个百分点至18%。另外，鉴于预期集团利润将承压，预计裕元2025财年的每股股息约1.02港元，相对2024财年每股股息1.3港元。
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